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CERA: Oil output growth at risk after price fall
NEW YORK, March 27 |
NEW YORK, March 27 (Reuters) - Global crude oil production capacity may grow at a slower rate than previously expected following a plunge in oil prices, Cambridge Energy Research Associates said in a report Friday.
Lower oil prices, which have fallen around 65 percent from record highs last July, have put at risk around 7.6 million barrels per day of new planned oil capacity by 2014, the consultancy in Cambridge, Massachusetts, said.
Lower investment prospects prompted CERA to revise its global oil production capacity outlook to 101.4 million bpd for 2014, versus a "pre-collapse" forecast last year that capacity would grow to 109 million bpd by 2014.
CERA said a period of tight oil supplies and sharply higher prices could result from the slowing growth in global oil output capacity when consumer demand recovers, which it expects to happen in 2010.
Among the most likely areas to suffer project postponements are "new heavy oil and deep water projects and deep water projects and countries with difficult fiscal regimes," CERA said.
It said 35 projects in OPEC countries may be delayed. (Reporting by Joshua Schneyer; Editing by Walter Bagley)
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